Thinking about a trip to Peru for one month, backpacking alone, have a few questions

So Im thinking about a trip to Peru after finishing school which is in June, I have lots of questions so I hope you guys could share some information on any aspects of this.

I plan on going for about a month or so (during the summer from mid-July to mid-Aug. I am thinking about staying in hostels for the entire time.

Id love to do plenty of hikes that dont require any camping gear but would also love to see Machu Picchu. I hear a lot about altitude sickness so Im a bit worried about how that is going to be. It seems that it would be easier to be in Cusco for a bit before going on high altitude hikes? Heard good things about Huaraz for treks so that would be another area I would really want to stop by. I want to stop at Lima as a last stop to background the nightlife and the cuisine. Also, is there an estimation on how much this trip will cost? My budget will be around $5000 to spend there. Ive backpacked before in Australia for a year so this trip wouldnt be too new but I understand that it is going to be different. Would this be a hard trip knowing absolutely no Spanish? Id love to hear anyones stories and ideas on where to visit!